Business Context and Reporting Period
This Form 8-K filing by i3 Verticals, Inc. (Nasdaq: IIIV) reports a corporate governance event dated June 22, 2021. The company is an emerging growth company incorporated in Delaware.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and compensation adjustments.
Material Changes
The primary material change is the appointment of Geoff Smith as the Company's Principal Accounting Officer, effective June 22, 2021. Mr. Smith previously served as Vice President of Finance since June 2020.
Management Commentary and Compensation
- Appointment: Geoff Smith appointed as Principal Accounting Officer.
- Equity Award: Granted an option to purchase 20,000 shares of Class A common stock under the 2018 Equity Incentive Plan. The option vests ratably in three equal annual installments beginning June 22, 2022, contingent on continued service.
- Salary Adjustment: Base salary increased to $177,000, effective June 22, 2021.
- Background: Mr. Smith holds a Bachelor of Science and a Masters in Accountancy from Vanderbilt University and is an inactive CPA in Tennessee. He has no family relationships with directors or officers.
Investor Verification Checklist
- Verify the vesting schedule and exercise price of the 20,000 share option granted to Geoff Smith.
- Confirm the effective date of the salary increase to $177,000.
- Review the 2018 Equity Incentive Plan terms referenced in the filing.
- Check for any subsequent filings regarding the departure of the previous Principal Accounting Officer.